 Welcome to your daily news update from the Frankfurt Office of CMC Markets. The German budget office has actually calculated that the surplus in the first half of this year is at a new record high. It's higher than ever. It has ever been since the 1990s. And so that is in stark contrast to what the Congressional Budget Office in Washington calculates for the first for the counting year 2016. The deficit in the United States in the budget there should be higher or was supposed to be higher by 56 billion dollars compared to the first calculation in March and it will be higher by 152 billion dollars compared to the total deficit of the year 2015. So in total it will be 590 billion dollars. The reason for this is the lower tax income. So if you look at GDP growth in the first and second half of this or a first and second quarter of this year, it was disappointing. So everybody is watching tomorrow's GDP data which will come out in the afternoon which will be the first insight, the first glimpse into the growth in the third quarter in the United States. There are several market participants expecting actually a rebounding growth. So tomorrow afternoon, big point for Eurodollar and the equity markets. When you look at the budget surplus for Germany, that is a result of the low rates. If you look at the 10 year bond futures, the rates hover around a percentage of zero. So it's actually free for the German government to get money for a 10 year horizon. They won't have to pay any yields on that. And so that is something that profits Germany. We have that record surplus but it's something that is necessary for the periphery states in the Eurozone. But it might be a little too much for the German government but actually that's the situation right now. The bad results out of that low rate environment is that profits from banks in the Eurozone are going down. The ECB calculated that the actually profits from the banking sector in the Eurozone has dropped by one fifth or 20% in the first quarter compared to the year earlier. So their original business of lending money has really had a bad time and the situation didn't change by now. So profits by banks are really negatively impacted by this low on a zero interest rate environment. Then we had the oil price yesterday which dropped meaningfully after inventory data came out for the United States which showed an increase in inventories and also showed an increase in production. That has been the result of I guess it was eight weeks in a row that the active rig count in the United States went up by almost a hundred rigs which is comparable only to the year 2014 when the fracking industry was really increasing production very fast at very fast rates which was a result of the high oil prices of 110 dollars. Now in the past eight weeks WTI hovered between 40 and 50 dollars so it seems to be satisfying for the fracking industry right now to have oil prices between 40 and 50 for them to again increase the production levels. So that is something that we should watch on a daily basis. What we can use is publishing statistics about the active rig counts that it could be a sign of where inventories are going to go in the next weeks. So yesterday it was all about fundamentals again it was not about rumors from Iran Saudi Arabia whatsoever it was just about fundamentals and if you look at the fundamentals if you look at the inventory data in the United States it's still signaling that there is a stock oversupply for oil markets for global oil markets and so that makes a breakout to the upside about 52 in print about 50 dollars in WTI less probable for the time being.